FX.co ★ Analysis of Gold for September 07,.2022 - Downside target has been reached, potential for the further rally

Technical analysis:

Gold has been trading downside during the Tokyo session and the price has been reached my main downside objective at $1.690. Anyway, Gold reacted strongly from the support and now its on the way for the upside objective.

Trading recommendation:

Due to the strong rejection of the key support at $1.690, I see further upside movement towards next upside reference point.

Watch for the potential buying opportunities on the intraday dips with the upside objectives at $1.709 and $1.717.

Stochastic oscillator did show the bull divergence this morning, which is one of the reasons of the early morning rally.

Key support is set at the price of $1.690